Brent falls from 5-month high on correction and profit taking

Brent crude remained flat as the US market opened on Monday, to drop from a five-month high, reached earlier on Friday,  in addition to news of a production boost OPEC and Russia to cover production disruptions.

As of 12:47 GMT, Brent crude fell to $70.95 a barrel from the opening price of $71.58, with a high of $71.58 and a low of $70.77.

Brent crude rose 0.8% on Friday, its second daily gain in the last three days, and the highest level in five months at $71.85 per barrel.

The Libyan chairman of the National Oil Corporation (NOC), Eng. Mustafa Sanalla, warned on Friday that the renewed conflict could cut crude production in the country.

Sources in the Organization of the Petroleum Exporting Countries (OPEC) said the group could increase production by next July if supply disruptions continue.

Russian Finance Minister Antoine Silwanov told the Tass news agency that Russia and OPEC might decide to increase production to defend market share against the United States, but that would push oil prices below $40 per barrel.